Best Pivot Points Setting for H4 Gold Chart
How to Add Pivot Points Gold Indicator in MT4 Gold Charts
Step 1: Open MetaTrader 4 Platform Navigator Panel
Open the MetaTrader 4 Navigator window as shown below: Navigate to 'View' menu (click) & then select 'Navigator' window (click), or From the Standard Tool Bar click the 'Navigator' button key or use short cut keyboard keys 'Ctrl+N'
On MT4 Navigator panel, select "Technical Indicators", (DoubleClick)
Best Pivot Points Setting for 1 Hour Gold Chart - Best Pivot Points Setting for 4 Hour XAUUSD Chart
Step 2: Expand the Gold Indicators Menu on the Navigator
Expand the menu by clicking the expand button marker (+) or double click the 'indicators' menu, after this the button will appear as (-) and will now display a list of xauusd indicators as shown below - select the Pivot Points indicator from this list of xauusd trading MT4 indicators so as to add the Pivot Points technical indicator on the gold chart.
Best Pivot Points Setting for 1 Hour Gold Chart - Best Pivot Points Setting for 4 Hour XAUUSD Chart
How to Add Custom Pivot Points XAUUSD Indicator to MetaTrader 4
If the Pivot Points technical indicator you want to add is a custom indicator - for example if the Pivot Points technical indicator you want to add is a custom Pivot Points indicator you will need to first add this xauusd custom Pivot Points indicator on the MetaTrader 4 software and then compile custom Pivot Points indicator so that the newly added Pivot Points xauusd custom MT4 indicator pops up on the list of custom indicators on the MetaTrader 4 software.
To learn how to install Pivot Points indicator on MetaTrader 4, how to add Pivot Points indicator window panel to MT4 & how to add Pivot Points custom gold technical indicator in MT4 - How to add custom Pivot Points xauusd Indicator in MetaTrader 4.
Pivot Points XAUUSD Trading Indicator Described
Pivot Points XAUUSD Technical Analysis & Pivot Points Gold Signals
Pivot Points technical indicator consists of a center pivot point which is surrounded by 3 resistance areas above and 3 support areas below.
Pivot Points technical indicator is considered to be a leading xauusd technical indicator rather than a lagging xauusd indicator.
Pivot Points provide a quick way for gold traders to analyze the gold price trend of how the gold price is going to be moving during the day. A few simple calculations are used to plot the Pivot Points resistance and support levels.
To calculate these Pivot Points for the coming trading day - the previous day's
- high,
- low, and
- close gold prices are used
The xauusd trading day closes & this daily closing time is when the Pivot Points technical indicator is updated.
The 24 hour cycle for this Pivot Points indicator are calculated using a complex formula. Central pivot-point is then used to calculate the support & resistance areas as follows:
Resistance 3
Resistance 2
Resistance 1
Pivot Point
Support 1
Support 2
Support 3
Best Pivot Points Setting for 1 Hour Gold Chart - Best Pivot Points Setting for 4 Hour XAUUSD Chart
XAUUSD Trading Pivot Points Technical Analysis & How to Generate Pivot Points Gold Signals
Pivot Points indicator can be used in different ways to generate gold signals. The following strategies are most common Pivot Points indicator analysis:
Pivot Points XAUUSD Trend Identification Signals
The central pivot point is used by traders to determine the gold price trend direction. The trades taken will only be in the direction of the gold price trend.
- Buy xauusd signal -price is above the central pivot
- Sell xauusd signal -price is below the central pivot
Pivot Points XAUUSD Price Break-out Signals
XAUUSD price break-out signals are generated as follows
- Buy xauusd signal - is generated when the price breaks upwards through the center pivot point.
- Sell xauusd signal - is generated when the price breaks downward through the center pivot point.
Best Pivot Points Settings for XAUUSD Swing Trading - Best Pivot Points Settings for Scalping XAUUSD
Pivot Points XAUUSD Price Reversal XAUUSD Signal
XAUUSD price reversal gold signals are generated as is explained below
Buy xauusd trading signal - when price moves downward towards one of the pivot points indicator support level, then touches the support level or moves slightly through it then quickly reverses and moves upwards.
Sell xauusd signal - when price moves up towards one of the resistance area, then touches resistance level or moves just slightly through it then quickly reverses and moves downward.
Best Pivot Points Settings for XAUUSD Swing Trading - Best Pivot Points Settings for Scalping XAUUSD
Setting Stoploss and Take Profit XAUUSD Order Levels using Pivot Points
The central pivot point & the other support & resistance levels are used by traders to determine suitable stop-loss & take profit areas.
Best Pivot Points Settings for XAUUSD Swing Trading - Best Pivot Points Settings for Scalping XAUUSD
If a buy xauusd trade is placed above central pivot point Resistance 1 or Resistance 2 can be used to set the take profit level, & the Support 1 can be set as the Stop-Loss XAUUSD Order Level for the gold trade transaction.
To download Pivot points:
https://c.mql5.com/21/9/pro4x_pivot_lines.mq4
Once you download Pivot Points technical indicator open it with MQL4 Language Editor, Then Compile it by pressing the Compile Button Key and it'll be added to your MT4 trading software.
Note: Once you add Pivot Points to your MetaTrader 4, the Pivot Points technical indicator has additional lines named Mid-Points, to remove these additional lines open MQL4 Language Meta Editor(shortcut keyboard key - press F4), & change line 16 from:
Extern bool midpivots = true:
To
Extern bool midpivots = false:
Then Press Compile again, & it will then appear as exactly illustrated on this site.
Best Pivot Points Setting for 1 Hour Gold Chart - Best Pivot Points Setting for 4 Hour Gold Chart - Best Pivot Points Settings for Gold Day Trading - Best Pivot Points Settings for XAUUSD Swing Trading - Best Pivot Points Settings for Scalping XAUUSD
